2008 MFW newbies

abouttimetoo

Hi Zavarony and Aliportico

Yes, it was indeed a great feeling:D I know what you mean about addictive - I was actually unhappy that I have to wait a whole month to do it again:o
I can't wait to ring my mortgage provider in a couple of days to get an updated balance

Regards

TurnaroundSue

abouttimetoo wrote: »

Hi turnaroundsue

Just a thought and I'm not really sure how this works with a fixed rate but I think it could be worth looking into for you... some of the other MFW'ers who are restricted with the amount they are allowed to overpay by have 'got around' this by asking their mortgage provider to decrease the term of the mortgage, this obvioulsy makes the official monthly payments go higher and allows you to pay more. That 2 years 8 months might be possible;)

Thanks for that ATT, I will contact them and see if and how I can reduce my term - that would be fab if I can. :j

Overthetop

Nice one Abouttimetoo-:j

Ma77hew

REDMADCURLS wrote: »

Re Daily Interest is it just a matter of asking Halifax to change mortgage to daily interest?

Not sure, although I have just noticed that when I make an overpayment when Halifax apply it they also apply the interest up to that date. So say for example I send them £200, and it's been 5 days since the interest was last added, when the payment is allocated so is the 5 days interest.

Might be usefull to know if your tracking your balance and not sure why it hasn't gone down by the full amount.

I guess also on this basis when your normal payment goes out, it will reduce the balance by the difference, as you would already have paid the interest during that month (or part of it).

I think this would mean the best time to make overpayments on a daily interest calc would be the day after your normal payment goes in so that the full amount is reduced from the balance.

moneysavingwannabe

Hi,

Thanks everyone for your help and advice!!:T

You have motivated me to try and get started on the overpayments again.
I was going to wait until all the debts were sorted but a little a month is going to make a huge difference. :j

I was starting to get a little despondent as I have been saving for the last 4 yrs as we have just had a new kitchen and extension built but the end is now in sight!

BARGAINHUNTER!

According to my online banking statement I have saved £398.08 in interest from 28/9/07 to 25/4/08 since overpaying! I have just made my April mortgage payment - and overpaid by £207.26 this month so the balance of my mortgage is now £43,867.38.

Sosh

DH shocked me the other day when he announced he had changed his SO to pay an extra £50 a month off the mortgage. This means that my final overpayment for April is £374.72. Since starting this challenge 2 months ago, We've managed to cut 18 months off our mortgage.

newmoneysaver_2

It's good to hear everyone doing so well.

I paid another £200 off at lunch, taking my total to £1000. Hubby is going to sort out my new kitchen next month, so I don't think we will be able to overpay anything over the £100 standing order.

bellsbells

Well I think it is time to 'fess up on why it had been taking me longer than usual to respont to PMs and do updates - I am 9 weeks pregnant:j

I have been enjoying all the usual symptoms that early pregnancy brings meaning that I have not been getting much past eight each evening before collapsing in bed and the rest of the time feeling too rough for words! Myself and OH are chuffed to bits (this is our second, we already have a DS) but we may have to think over our overpayment total as suddenly priorities have changed slightly! At the moment I think the plan is to carry on overpaying our set £150 each month. Instead of throwing any spare money at the mortgage as well however (which was the original plan when our savings reached £1000) we will keep it to cover baby expenses. To be honest there are not too many 'baby' expenses - it will be getting a bed and furniture for DS, more storage to put all the stuff from the third bedroom into our bedroom etc etc

So again, sorry I am not quite with it at the moment - I will try to update whan I can but please bear with me if I take a few days to sort stuff out

bells

Overthetop

BellsBells-Congratulations on your great news.

You must be over the moon :j